The amount of time you will take to obtain a mortgage hinges on various factors. These include the duration it takes for you to complete your part of the process, such as searching for and submitting necessary documents, the time it takes for your mortgage broker to meet their role, and the duration it takes for the lender to approve your application. Understanding the application process can give you an idea of when to anticipate mortgage approval.

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How long does a mortgage application take?

Before applying for a mortgage, many people choose to obtain a mortgage agreement in principle. To get an agreement in principle, lenders will request some basic information and perform a credit check to estimate how much they could lend. Remember that this does not guarantee a mortgage will be offered, but it can demonstrate to estate agents your commitment to buying. It may accelerate the application process once you have found a property you want to buy.

To apply for a mortgage, you must ensure that your financial information is organised and all necessary documents are available. The application process usually takes a few hours. Lenders will evaluate your creditworthiness and determine your borrowing capacity by asking for specific information about you. You’ll need to provide the following information:

– Your total monthly expenses, such as childcare and pension contributions.

– Your monthly income, including any bonuses or overtime pay.

– A valid ID that confirms your identity and current residence.

– Information about the property you intend to purchase.

– Contact details for your estate agent and solicitor.

As part of your application, you must show proof of income and ability to afford the mortgage.

How long does it take to get a mortgage offer?

After reviewing all your information, performing a credit check, and collecting all the necessary documentation, the lender will arrange a property valuation for the property you intend to purchase. It may take a few weeks or more for the surveyor to visit the property, write a report and send it to the lender. Once the lender is satisfied with the valuation, they can officially approve and offer your mortgage application. Usually, it takes about 18-40 days for the application to be processed, but it could take longer if the application is complicated.

What can you do to speed up your mortgage application?

To speed up your mortgage application, it’s essential to have your documents readily available and send them promptly to your mortgage broker. Regular communication with your broker can also be helpful. Preparing with necessary documents such as payslips, P60s, or self-employed accounts and tax returns before starting the process can further ease the process.

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Frequently Asked Questions

After you’ve made your full mortgage application it can take 2-4 weeks to get a mortgage offer, provided the process goes smoothly and your application is relatively straightforward ¹.

Most mortgage offers only last for 3 months, although how long a mortgage offer lasts depends on the type of property you are buying – some lenders allow for 6 months and others 9 months when dealing with new-build properties 2.

The time it takes to complete on a house purchase varies depending on the circumstances of the buyer and seller. On average, it takes between 8-12 weeks from the time you make an offer on a property to completion 3.

It can take anywhere from 2 to 6 weeks to receive a mortgage offer once you’ve accepted an agreement in principle and you’re ready to move forward with a complete application 4.

It can take anywhere from 2-4 weeks to get a mortgage offer once you’ve made your full mortgage application ¹.

A mortgage valuation typically takes between 2-4 hours, but can take longer depending on the size and complexity of the property ¹.

It can take anywhere from a few minutes to several days to receive a decision in principle, depending on the lender and your individual circumstances 4.

It can take anywhere from 2-4 weeks for your mortgage application to be processed, provided there are no issues or complications that arise during the process ¹.

A surveyor’s report typically takes between 2-5 working days, but can take longer depending on the size and complexity of the property ¹.

Conveyancing typically takes between 8-12 weeks, but can take longer depending on the complexity of the transaction and any issues that arise during the process 3.

References:

  1. How long does it take to get a mortgage? – HomeOwners Alliance. https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/long-take-get-mortgage
  2. How Long Does A Mortgage Application Take? | Bankrate UK. https://www.bankrate.com/uk/mortgages/how-long-does-it-take-to-get-a-mortgage
  3. Process of buying a house: timeline – MoneySavingExpert. https://www.moneysavingexpert.com/mortgages/buying-a-home-timeline
  4. How Long Does A Mortgage Offer Last & Take | Bankrate UK. https://www.bankrate.com/uk/mortgages/how-long-does-a-mortgage-offer-last
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